HODL Waves
What Is HODL Waves?
A visualization of Bitcoin's UTXO set age distribution over time. Shows what percentage of supply has been held for various time periods (< 1 day to 10+ years), creating colorful wave patterns.
How to Interpret
Younger age bands (< 3 months) expanding indicates increased trading/spending activity — often at cycle tops. Older bands expanding shows long-term accumulation — often during bear markets.
More Supply Dynamics Metrics
HODLer Net Position Change
Measures the 30-day net change in supply held by long-term holders. Positive = HODLers accumulating more than distributing. Negative = HODLers net distributing.
Supply Last Active > 1 Year
The percentage of Bitcoin supply that has not moved on-chain for at least one year. Reflects long-term holder conviction and supply removed from active circulation.
Issuance Rate
The rate at which new Bitcoin is created through mining block rewards. Halves approximately every 4 years (210,000 blocks). Currently 3.125 BTC per block after the April 2024 halving.
LTH Supply
The total supply held by Long-Term Holders (coins that have not moved for 155+ days). LTH supply represents 'strong hands' — investors with conviction who are not selling.